Don961: In a session held at dawn … Parliament approves a bill to finance “fiscal deficit”

2020-11-11 | 22:30

The House of Representatives voted, Thursday dawn, on a bill to finance the “fiscal deficit.”

The Council voted on the bill’s articles, which are eight articles, including allocating 400 billion dinars to the large port of Faw and adopting fingerprints in salaries to eliminate the phenomenon of aliens.

The House of Representatives held, at dawn on Thursday, its 22nd session chaired by its president, Muhammad al-Halbousi, to vote on a bill to finance the fiscal deficit after it lifted its 21st session without voting on it.   LINK

JJimmyJJ:  What could possibly be so urgent in IRAQ that they worked all day and then held a dawn session to pass it? That’s something I’ve never seen before. This is the mother of all pattern breakers, IMO.

Don961:  Parliament passes the borrowing bill and gives a green light to the payment of salaries

2020-11-11 20:41

 Shafaq News / The Iraqi parliament voted, on Thursday, on the borrowing law that the government has been waiting for to secure the delayed salaries of employees for several weeks, as the country is going through one of the most difficult financial crises, due to the decline in oil prices.

The session was held with the participation of most of the deputies, including the Kurds, after agreeing to postpone the vote on that controversial point, but Parliament proceeded to vote on the article, which caused a verbal altercation between Kurdish representatives and others from Shiite blocs that caused their withdrawal from the session.

The vote was also made to allocate an amount of 400 billion dinars to the port of Al-Faw, and to adopt fingerprints in salaries in order to ensure that there are no “aliens” – ghost employees -.

 This amount will cover the government’s fiscal deficit for the months of October, November and December.

This is the second time that the government asked Parliament to grant it the authorization to borrow in order to secure operating expenses, on top of which are the salaries of employees.

On June 24, parliament approved a bill that allowed the government to borrow 15 trillion dinars internally and $ 5 billion abroad to cover the fiscal deficit.

According to the official authorities, these funds have run out during the past months.

Employees are still awaiting payment of their salaries last October, the second delay of its kind for the second month in a row.

The legislation of the fiscal deficit law comes to secure a legitimate cover for the government, given that Iraq has not approved the fiscal budget for 2020 due to the crisis of protests that toppled the previous government and was followed by the Corona pandemic crisis, which reduced the state’s revenues by nearly half.

And Iraq is one of the countries with a rentier economy, as it relies on revenues from selling oil to finance up to 95 percent of state expenditures.

The country is experiencing a suffocating financial crisis due to the decline in oil prices due to the Corona pandemic crisis, which has paralyzed large sectors of the world’s economies.

Before the Corona pandemic crisis, the revenues generated from selling crude amounted to about $ 6 billion per month, but it has almost halved this year.  LINK

Cleitus:  BAM!!!  BOOM!!!

Godson:  Not to be funny,but since it passed what are we waiting for now….. Iyo

Popeye7:  They are waiting to reveal the rate of course, … If not then, we are close as Frank said the BL was the fuse being lit so to speak… It is up to the CBI when to release the Kraken…… I am quite confident, and always have been that we are in anytime mode… But like an onion, this investment has had a multitude of layers…… We know they have it, and wait for that last layer to be peeled back… Put it on the bun, and consume that deluxe whopper dinar burger… Thank God for another day, and please pass the ketchup…

The Snod:  I believe the opening of the Port of Arar is the most telling thing we have, from the articles, about what needed to be done before the RI.  It’s possible they will use a Rider for the rate IMHO.  Don’t forget Turkmenistan Model puts  it at 1/1.  Trump is still in the White House at that time.  We’ve seen political obstruction in this before, but this doesn’t look like it the way they are acting over there.  Why would SA come on board if so?  Parliament is over leveraged by Trump puppets now as well.  I still feel pretty good about it.